Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ces: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit
ces: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit Credit Supplies $1,400 Prepaid Insurance 5,600 Salaries Payable Deferred Revenue $9,800 1,800 The following information is known for the month of December: 1. Purchases of supplies during December total $3,300. Supplies on hand at the end of December equal $2,900. 2. No insurance payments are made in December. Insurance cost is $1,400 per month. 3. November salaries payable of $9,800 were paid to employees in December. Additional salaries for December owed at the end of the year are $14,800. 4. On November 1, a tenant paid Golden Eagle $2,700 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount. Required: Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the adjusting entry for supplies on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit of supplies during Decer total $3,300. Supplies on hand at the end of December ec 2. No insurance payments are made in December. Insurance cost is $1,400 per month. 3. November salaries payable of $9,800 were paid to employees in December. Additional salaries for the year are $14,800. 4. On November 1, a tenant paid Golden Eagle $2,700 in advance rent for the period November throu Revenue was credited for the entire amount. Required: Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and defe (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the View transaction list Journal entry worksheet < 1 2 3 4 Record the adjusting entry for supplies on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started